Ok so Gold is now sitting at 1330 or thereabouts a critical level. Next stop could be 1270.00 before returning up *HOWEVER* the cause of the drop looks like FOMC so in fact as it’s news based I expect to retrace upwards at some point. I went flat last night and I think we’ll be looking to see new highs soon.
I still laugh at the “prophets of the forex” on trading view showing of their charts. At the moment I am undecided on Gold direction *BUT* my fundamentals still stand that their is pressure on GOLD prices from India and China. Could today be a golden day? I don’t know. Or it could be a dollar day, there is more dollar stats later on at 13:30 GMT which may cause the reversal now the FOMC is over.
If we do go up I would like to see a buy in at 1340.00 which may come quite soon.